TL; DR
Full story
We know the bottom half of this edition is pretty heavy on the ‘government laws that have major implications for crypto’.
But those things are damn important!
You would be preaching to the choir if you told us that crypto was one of the most important innovations of the past fifteen years.
It’s huge! It has consequences for the financial system. But there was always one thing missing…
Regulations follow.
Today – Wednesday, May 22 – the House will vote on a little thing called the ‘Financial Innovation and Technology for the 21st Century Act‘ (FIT21 for short).
The three BIG things it wants to do are:
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Clarify questions about which agencies have the responsibility to regulate different aspects of the crypto industry
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Create consumer protections for the 52 million Americans who own crypto
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Give web3 developers who want to launch projects in the US clear rules of the game.
Here’s what’s exciting about this:
Previous versions of this bill did have that bipartisan supportwith both Democrats and Republicans arguing that the bill would “promote a safe, innovative and inclusive financial future.”
And to get a bill through the House now, you pretty much need support from both sides.
What could happen next?
Before we get too excited, there is still a long way to go.
If FIT21 is passed in the House of Representatives, the bill’s next stop would be the Senate.
Apart from a simple vote, there was one possible approach suggested ties FIT21 to one of Congress’ larger spending bills before the end of the year.
Whatever happens, this will be a huge week for crypto in the US.
Now let’s hope for a positive result 🙏